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What is the ending inventory on a lifo basis

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Reference no: EM132498022

Clancy has the following inventory information.

July 1 Beginning Inventory 20 units at $90

5 Purchases 120 units at $92

14 Sale 90 units

21 Purchases 60 units at $95

30 Sale 58 units

Question 1: Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis?

Question 2: Equipment purchased at the beginning of the fiscal year for $280,000 is expected to have a useful life of 5 years, or 12,000 operating hours, and a residual value of $40,000. Compute the depreciation for the first year of use by each of the following methods:

(a) straight-line

(b) units-of-production (1,300 hours first year)

(c) double-declining-balance

Reference no: EM132498022

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